riots are raging in the streets of spain and greece as angry mobs protest against the government and austerity measures there. in athens, more than 70,000 people descended on the greek parliament. molotov cocktails targeted police officers, and similar scenes of violence in madrid as well, but make no mistake if this president is in fact afforded another four years in office and has the ability to run up our national debt another $6 trillion, look right there, this is what main street in america may very well look like. the current path is beyond unsustainable. it is the direct result of nearly four years of reckless spending. forget about bush. this is the obama economy. 8.1% unemployment. $6 terrell in new obama debt. 1 in 6 americans currently live in poverty in this country. 46 million americans are in need of food stamps. fewer americans are working today than when the president took office in january of '09. gas prices have soared by over 100% during his tenure. today we learn that the average household income dropped by more than 8% in the less than four years president obama'

when people are given the choice of, well, government programs or cutting, they hang on to what they know, or what they have. but ultimately it's leading to a very dangerous path, i think, financially. >> well, i think that california has had a history of always spending more money it takes in. i think ronald reagan went through that big challenge, as you remember, when he became governor, he had to raise taxes, how to figure out how to make the severe cuts that he did. 10 years later, another republican governor had to raise taxes, went through the same problem. 10 years after that, pete wilson became governor, another republican, he had to raise taxes. 10 years later, i had to raise taxes. i hated it. arnold, how can you do that? you promised the people you wouldn't raise taxes. all of a sudden you are there with a $40 billion deficit because the economy took a dive and we had less revenues coming in. >> sean: even the car tax. >> exactly. it's a real clem and real dileml challenge. i was adamant about solving the financial problem of california to pay down the debt, number one. nu